March 27, 2024
Remitano Crypto Exchange Faces $2.7 Million in Suspicious Withdrawals, Speculation of Hacking
Latest Cryptocurrency News

Remitano Crypto Exchange Faces $2.7 Million in Suspicious Withdrawals, Speculation of Hacking

On September 14, the cryptocurrency exchange Remitano reported significant withdrawals under unusual circumstances, leading some blockchain researchers to speculate that the exchange might have been hacked. Through the shady transactions, a total of $2.7 million in cryptocurrency has been taken out. One of the addresses the alleged attacker used has been frozen by Tether, potentially safeguarding users’ cryptocurrency valued at $1.4 million.

A well-known Remitano hot wallet started transmitting money to an address with no previous history at around 12:45 p.m. Tether worth almost $1.4 million, USD Coin worth $208,000, and 104,000 Ankr tokens—each worth $2,000 at the time—were all transferred to the new address.

The cryptocurrency community has been informed about the allegedly odd transactions by blockchain analytics firm Cyvers.

The address was later frozen by Tether to stop the attacker from withdrawing USDT, preventing the further movement of $1.4 million in drained cryptocurrency. Regarding the incident, Remitano has not yet released a statement.

Peer-to-peer cryptocurrency exchange and payment processor Remitano specializes in emerging countries. Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria are among the countries it serves as users.

In 2023, there were numerous crypto exchange breaches that resulted in the release of private keys and the theft of money. The Lazarus Group, a cybercriminal organization thought to have connections to the North Korean government, is allegedly responsible for these attacks, according to American investigators. The group is accused of stealing $27 million from Coinex on September 12 and $41 million from the gambling website Stake on September 4.

Image: Freepik

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